Procol is a procurement technology company that helps enterprises streamline their manual procurement processes across their fragmented small and medium enterprises (SME) supplier base. The capital raised will build and enhance solutions for India’s procurement problems through Procol’s procurement software and B2B marketplace.
The funding round also saw participation from existing investors Blume Ventures, Beenext, and Sequoia Surge. Angels who participated included Kunal Shah (Cred founder), Mars Shot Ventures, Deb Deep Sengupta (former SAP India MD), Srinath (Zetwerks founder), Ashish Dave (Mirae VC), Ankush Grover (Rebel Foods CEO), Aaryaman Vir Shah (Prophetic Ventures), and Ankit Sethi (Fung Investments).
Founded in 2018 by Gaurav Baheti (ex-Google, Zomato) and Sumit Mendiratta (ex-Oyo, Zomato), Procol has a supplier network of over 25,000. It has managed more than Rs 7,500 crore of procurement spending and works with over 70 large enterprises.
Commenting on the development, Baheti said, “Going from managing Rs 70 crore to Rs 7,000 crore of procurement in two years, our journey at Procol is just getting started. We humbly believe that Indian businesses will grow multifold in the coming decade and our teams at Procol are dedicated to the mission to do so.”
“With a great team and product, Procol has the solution to solve the long-lasting pain in India’s $500 billion procurement market. It is our honour to be part of the journey”, added Ryu Muramatsu, director & founding partner of GMO VenturePartners.
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India’s market for procurement of goods and services stands at $500 billion.
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